Buyers in Hot Markets Have No Room for Errors in Mortgage Application Process

According to the New York Times, there are preventive steps homebuyers can take to “help ensure their purchase stays on track.”

This is especially important for buyers in hot metropolitan areas such as New York City and Silicon Valley, where “sellers balk at deals contingent on mortgage approval.”

Suggested measures buyers should take: making sure all other payment obligations aren’t behind, such as taxes and child support; not incurring a new debt obligation, such as a car loan, even just before the mortgage closing date; verifying any past names and aliases.

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